When your business grows, you’re likely to turn to various online tools in order to make scaling easier. But, with the seemingly infinite number of options in the SaaS marketplace today, finding that right combination of integrated solutions can be daunting.
Odoo has set out to solve this problem for business owners and aims to create the best management software for running a company. Their solution provides seamless integration across project management, inventory management, eCommerce, accounting, and more.
How much is Odoo doing in MRR?
Odoo is a SaaS business that generates around half of its revenue from their cloud offering and the other half from an on-premise solution. While the company also charges one-time setup fees, their average customer generates approximately $235 in recurring revenue each month.
According to CEO Fabien Pinckaers, Odoo has grown to serve 11k total customers today and is doing $2.6M in MRR. The business has grown 64% year over year and is up from approximately $1.6M in MRR twelve months ago, Pinckaers confirmed.
What is Odoo’s churn?
In terms of gross revenue, Odoo is churning approximately 20% of its revenue each year. The company has driven healthy expansion revenue based on modules and number of seats and has been able to hit 110% net revenue retention annually. Learn how to analyse your churn here.
For Odoo, new deals have come through either direct acquisition or partnership deals. The company pays approximately $2,500 to land a new customer through direct channels and $1,200 to acquire a new deal through partners. With annual, upfront payment, Odoo is receiving payback immediately in most cases.
How much has Odoo raised?
Launched by Pinckaers as a professional service agency back in 2005, Odoo grew slowly initially by bootstrapping. However, in 2010, the company raised $5M in outside capital to fuel the transition from agency to SaaS and has since raised $12M in total outside capital. Today, Odoo has no intentions of raising additional capital and is generating $500k in positive cash flow each month.
Odoo’s team of 580 full-time employees is based in in Belgium, SF, New York, Asia, and the Middle East.